My Dentons partner Edward Marshall has taught me many things about our tradecraft. However, one of the most impactful is the concept that family offices are a mindset and methodology - not entities or structures defined by monetary thresholds, lists of responsibilities or tasks, or predetermined objectives.
The primary objective of all family offices, regardless of resources, ambitions, family net worth, or operational and organisational style, is to improve the quality of life for families.
Framed in this way, all of us technically have a family office performing tasks and managing risks.
However, the financial resources available for those tasks are the primary distinction between an ordinary household and what is now commonly described as a family office.
I don't think many advisors and institutions purporting to serve family offices understand this mindset and methodology conceptual framework. They view family offices as consumer market segments, legal entities, wealth management firms, business operators, or quasi-financial institutions to be marketed to, regulated, and pitched to for capital/grants.
This misconception is often unhelpful and so I am pleased that Eddie has shared his unique perspectives and expertise with a wider audience in this article.
#familyoffice #privatewealth
Partner, Chief Investment Officer @ Running Point Capital — Multifamily Office / Family Office / PPLI & PPVA / Wealth Management / Advisor / Speaker / Board Member
10moA Family Office Renaissance is occurring https://lnkd.in/gDpzAs-7